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Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...

Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month.

Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month SMART TOUCH LEARNING Adiusted Trial Balance December 31, 2016 Date Accounts and Explanation Debit Credit Dec. 31 Balance Account Title Debit Credit Cash Accounts Receivable Office Supplies 17,500 9,700 200 Date Accounts and Explanation Debit Credit Dec. 31 Prepaid Rent 11,700 Furniture 20,500 Accumulated Depreciation Furniture Accounts Payable Salaries Payable Interest Payable 7,000 2,300 500 300 Unearned Revenue 5,800 8,200 23,200 Notes Payable Date Accounts and Explanation Debit Credit Bright, Capital Dec. 31 Bright, Withdrawals 29,600 Service Revenue 53,000 Depreciation Expense- Furniture Interest Expense 2,300 Date Accounts and Explanation Debit Credit 300 3,500 4,100 900 Dec. 31 Rent Expense Salaries Expense Supplies Expense Total 100,300 100,300

T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. 

2 T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Accounts and Accounts and Date Debit Credit Date Debit Credit Explanation Explanation Income Summary Bright, Capital Dec 31 Service Revenue 100,000 46,000 31 Income 100,000 46,000 To clase Income To close Revenue Accounts and Explanation Accounts and Explanation Date Debit Credit Date Debit Credit Dec 31 Bright, Capital 16,000 Income Summary 54,000 31 Bright, Withdrawals Depreciation 16,000 9,000 To close Withdrawals Interest Expense 12,000 Rent Expense 5,000 Salaries Expense 10,000 Supplies Expense 18,000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal. 9,000 Adj. Bal. 5,000 Bright, Withdrawals Service Revenue Adj. Bal. 16,000 100,000 Adj. Bal.Depreciation Expense-Furniture Rent Expense Adj. Bal 9,000 Adj. Bal 5,000 Bright, Withdrawals Service Revenue Adj. Bal 16,000 00,000 Adj. Bal. Interest Expense Salaries Expense Adj. Bal 12,000 Adj. Bal. 10,000 Bright, Capital Income Summary 9,000 Adj. Bal. Supplies Expense Adj. Bal 18,000


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